The U.S. gaming sector is celebrating a prosperous third quarter of 2023, as reported by the American Gaming Association (AGA). The industry witnessed a substantial 6.1% year-on-year surge in total commercial gaming earnings, reaching an unprecedented $16.17 billion. This marks the most lucrative third quarter ever recorded for U.S. gaming.
This accomplishment also secures its position as the second-highest earning quarter in history, trailing only slightly behind the first quarter of 2023.
Examining the revenue distribution across different gaming categories reveals positive trends throughout. Slot machines experienced a 1.7% rise, generating $8.98 billion, while table games climbed 3.8% to $2.64 billion. Sports wagering saw a significant leap of 22.8%, reaching $2.15 billion. The most rapid expansion was observed in iGaming, which soared by 26% to hit $1.52 billion.
Several factors contributed to the surge in sports betting revenue this quarter, including the introduction of online sportsbooks in Maryland and retail sportsbooks in Massachusetts, Nebraska, and Ohio, none of which were active in the previous year. Sports betting is also poised to establish a new yearly high, with $79 billion wagered by Americans within the first nine months of 2023, representing a 32.7% increase compared to the same timeframe last year. Both traditional and internet-based casino gaming also achieved record-breaking quarterly revenues.
William Miller, the big cheese at the AGA, is pumped about the flourishing gaming sector. He’s touting the merits of both internet and physical casinos, emphasizing the substantial employment opportunities and the hefty tax dollars they’re raking in for localities nationwide.
Essentially, he’s stating that gaming is no longer a fringe pursuit; it’s morphed into a widespread form of amusement that countless Americans are partaking in. And with the explosion in its appeal, he’s urging federal and state authorities to clamp down on illicit overseas operators who are bypassing this bonanza. He contends that the desire for lawful sports wagering is poised to soar, so they need to get their ducks in a row.